China Automotive Systems (CAAS)
Company Profile: China Automotive Systems makes power-steering systems and other component parts for cars.Current Share Price: $9.57 (March 29) Listing Violation: Delinquency. China Automotive Systems failed to file its annual 10-K report with the SEC in a timely manner. Received Nasdaq Notice: March 17 Management's Expected Action: China Automotive previously announced it was reviewing the accounting treatment of convertible notes issued in February 2008. The company doesn't expect a review to be completed until the second quarter of 2011, which is when it will file its annual report and amended quarterly reports. China Automotive has until May 16 to submit a plan to regain compliance with the Nasdaq. Following the announcement of an expected restatement of financial results, several law firms said they were investigating China Automotive for possible violations of federal securities laws. Like many other Chinese reverse mergers, the company is coming under increased scrutiny for materially inaccurate financial statements.
China Agritech (CAGC) Company Profile: China Agritech sells fertilizer products and organic liquid compound fertilizer in China. Current Share Price: $6.88 (March 29) Listing Violation: Delinquency. China Agritech failed to file its annual 10-K report with the SEC in a timely manner. Received Nasdaq Notice: March 21 Management's Expected Action: China Agritech is required to submit a plan of compliance to the Nasdaq no later than March 31. The company said it intends to comply with the Nasdaq's requirements on or before the deadline. China Agritech announced the receipt of the Nasdaq's warning letter not long after the company disclosed in a regulatory filing that it had fired its accounting firm, Ernst & Young Hua Ming. China Agritech faces securities fraud class-action lawsuits due to a research report by a short seller. The report alleges that China Agritech inflated its revenue, failed to account for millions of investor dollars and has virtually no product in the market.
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